Tullow will not deal without approval

Saturday, February 06, 2010

Dublin: Kampala Tullow Oil Plc, the Irish-owned African exploration company, won’t agree to sell a stake in its Ugandan assets until the government of the African nation approves such a deal.

Cnooc Ltd, China’s biggest offshore oil producer, agreed to buy a $2.5 billion (€1.82bn) stake in Tullow’s Uganda projects and were to sign a deal yesterday, Dow Jones reported. Cnooc spokesman Jiang Yongzhi declined to comment.

This story appeared in the printed version of the Irish Examiner Saturday, February 06, 2010